Reso 2025-3934 - Laserfiche WebLink

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City o f Sunny Isles Beach 18070 Collins Avenue, Sunny Isles Beach, Florida 33160 (305) 947-0606 phone (305) 949-3113 Fax 4.2.1 In addition to the Contract Price set forth in Paragraph 4.1.1, there shall be a contingency in the amount of Nine Thousand Nine Hundred Fifty Dollars and No Cents ($9,950.00). The contingency accounts for all labor, materials, equipment, overhead, and services necessary for modification or extra work required to complete the Work because of unforeseen conditions, unforeseen conflicts between existing elements of work and the proposed work; for minor changes required to resolve any unforeseen conditions, Revised Regulations, Technological and Products Development, Operational Changes, Schedule Requirements, Program Interface, Emergencies, and Other Miscellaneous Costs, and for adjustments to estimated quantities installed, and associated time related to the Work. Unforeseen conditions or conflicts as used in this Paragraph 4.2.1, are those conditions which could not have been determined or ascertained from a thorough and careful examination and inspection of the site as provided by Paragraph 1.5.8. The disbursement of all or part of the contingency is entirely at the discretion of the City and must be authorized by the City's Representative and approved by the City. ARTICLE V PAYMENT OF THIS; CONTRACT PRICE 5.1 Schedule of Values 5.1.1 At least seven (7) days before the first Pre -Construction Meeting, the Contractor shall submit to the City and to the City's Representative a Schedule of Values allocating the Contract Price to the various portions of the Work in conformance to the revised bid form submitted by Contractor in response to the ITB. The Schedule of Values shall be used only as a basis for the Contractor's Applications for Payment and shall only constitute such basis after it has been acknowledged in writing by the City's Representative and the City. 5.2 Payment Procedure 5.2.1 The City shall pay the Contract Price to the Contractor as provided below. 5.2.2 Progress Pa ments. Based upon the Contractor's Payment Requests to the City's Representative and upon Certificates for Payment subsequently issued to the City by the City's Representative, the City shall make progress payments to the Contractor on account of the Contract Price. Contractor shall use the AIA G-702 / 703 payment submittal method. 5.2.3 On or before the 25th day of each month after commencement of the Work, the Contractor shall submit a Payment Request for the period ending the last day of the previous month to the City Representative in such forth and manner, and with such supporting data and content, as the City or the City Representative may require. Contemporaneously with the submission of each Application for Payment, the Contractor shall submit a current shop drawing log reflecting the status of all shop drawings and submittals; a current CPM schedule as required by Paragraph 7.9 herein below; lien copies of releases from Contractor and releases from subcontractors in favor of Contractor's Surety confirming receipt of funds received from the City for the previous payment period; and the Contractor shall have a current set of As -Built drawings AUM CONSTRUCTION, INC. 8